Ripple issues a statement regarding the widespread rumor suggesting its RLUSD stablecoin would launch in early December.
In an X post yesterday, Ripple countered the widespread speculation, suggesting that RLUSD would launch on the mainnet on December 4.
Ripple Seeks Regulatory Approval for Its Stablecoin
The company clarified that it is working closely with the New York Department of Financial Services (NYDFS) to secure the final approval for the stablecoin launch.
This move would ensure that the stablecoin complies with the necessary regulatory standards. The company emphasized its commitment to upholding the highest regulatory standards for the stablecoin and launching the asset under the supervision of NYDFS.
Furthermore, Ripple promised to update users about the launch progress. The firm’s statement comes days after FOX Business journalist Eleanor Terrett highlighted December 4 as the possible launch date for the highly anticipated stablecoin.
Citing sources with direct knowledge of the matter, Terrett reported that the NYDFS signaled its intention for RLUSD approval, with Ripple targeting December 4 for the mainnet launch.
FOX Business Journalist Says NYDFS Will Approve RLUSD Launch
Following Ripple’s latest statement, Terrett said the tweet affirms her previous reporting that the NYDFS is poised to approve RLUSD for launch.
She noted that while two sources mentioned December 4 as the possible launch date, some last-minute developments caused a delay. This unforeseen development pushed the timeline for the imminent release of the stablecoin to a later date.
Ripple’s tweet affirms my reporting that @NYDFS is poised to approve the company’s new stablecoin.
Separately, two sources close to the proceedings say today was the anticipated launch day but some last minute developments led to a delay. https://t.co/dgFxmtKpl9 pic.twitter.com/2TFQD9PxlJ
— Eleanor Terrett (@EleanorTerrett) December 4, 2024
RLUSD Updates
In the meantime, RLUSD is still in beta testing, which began in early August. Upon its mainnet launch, the stablecoin would serve as a store of value for customers seeking a hedge against the volatility in the crypto market.
Also, RLUSD will function alongside XRP as a bridge currency between two fiats on Ripple’s payment solution. However, Ripple’s commitment to obtaining regulatory approval for the stablecoin has delayed its mainnet launch.
Notably, Ripple has made significant efforts toward securing the NYDFS’ approval for the stablecoin. A major part of the NYDFS’ requirements mandates crypto businesses, including potential stablecoin issuers, to obtain a limited-purpose trust charter.
To meet this requirement, Ripple acquired Standard Custody & Trust Company in June. Standard Custody is a limited-purpose trust company under charter by the New York financial regulator. Sources claimed that this move positioned RLUSD for potential approval.
Once Ripple launches RLUSD following NYDFS’ approval, Standard Custody will issue the stablecoin to its exchange partners, such as Uphold, MoonPay, Bitstamp, CoinMENA, Bullish, Bitso, and Independent Reserve.
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